Seller finance as a seller

[Handie Kunen]

We own a single-family property in Georgia. There is a tenant in there who is interested in buying the property, but her credit is not good enough. We’re thinking about doing seller finance but not sure how to start. The agent told us to come up with a plan and talk to the tenant directly. Our question is, what professionals / companies do we need to close a deal like this? Attorney? Title / escrow company? Real estate agent? How do we repossess the property if the tenant does not pay?

[Brandon Sturgill]

@Handie Kunen IF there is no lien on the property, you can simply originate a note & mortgage...doc fees are pretty reasonable...to be drafted by your lawyer. The transaction itself is quite simple. 1.) get a contract signed that spells out the purchase price and terms (board approved or from your attorney- just make sure you are protected). Then all you need is a amortization schedule...and I would also ask for a personal guarantee from the buyer. 2.) This is optional, but I would say complete a title search and let them close the deal and record the docs. They will take care of everything. 3.) Service the debt.

No need for an agent to be involved....

Drop me a line if you want to walk through in detail.